PKXFF - POSCO Seeing A Broad Demand Recovery With Strong Price And Margin Leverage

• With competition from Chinese imports, steel prices haven't been as strong in South Korea as in the U.S., but a better than 25% QOQ improvement is still positive for POSCO.
• Strong prices are coming with improving demand across a wide range of end markets, including autos, appliances, construction, and heavy industry.
• Helped in part by a significant upgrade in lithium reserves at a company-owned facility in Argentina, POSCO Chemical's ambitions to be a player in xEV batteries is looking more credible.
• POSCO shares still look to have double-digit near-term appreciation potential.

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